COMMERCIAL.

Manawatu Herald, Volume II, Issue 102, 17 August 1880, Page 2

COMMERCIAL.

♦ Weili.vgtox, Thursday. Colonial Produce. — Wheat, as stated last week, has been over exported from the South, and prices have hardened in consequence 3d per bushel. Flour continues to maintain its rise of 10s per ton, and a further advance v shortly nnticioated. Potatoes are looking better, and we believp will be worth fully £3 per ton next week if the market is kept supplied in moderation. Butter — There are anxious sellers, but unfortunately few or no buyers ; very low prices would be accepted, 7d \,*v lb being outside value for prime. Oats — Good samples would command from 2s to 2s 2d per bushel. Maize is in very moderate demand ; New South Wales is being sold at 3s per bushel, Colonial #rown is worth 3d per bushel more. Pollard, bran, chaff, bacon, and hams are all of limited sale at previous quotations. A shipment of the latter has just been received per Wakatipu from Sydney — N. Z. Times. the hone; mabket. Money is procurable on mortgage at 8 per cent. During the month obligations hnve been well met. The following are the bank rates: — Overdrafts, 10 per cent; discount 95 days, S per cent ; ditto, 125 days, 9 per cent. Interest allowed on deposits is — three months, 3 per cent ; six months, 4 per cent : twelve months, 5 per cent. -London Kxchange at 60 days— Buying, £ per cent discount; felling, 1 per cent premium. From the bank returns for the quarters ended 30th June, 18 SO, we extract the following information : — Advances of the six banks : 30th Juno, 1879 .. .. £14,017,708 30; b June, 18^0 .. .. 11,677,420 Decrease £■•> 3<l<y;2Bß It will be seen th/it within the yexr there has been a reduction of £2,340,000 in the advances made by the banks. Of this amount £1,600.000 is in the item " notes and bills discounted." When it is remembered how recklessly trade had been conducted for a poriod prior to the earlier dato above referred to, we think it cause for Congratulation that advances have been thus curtailed without serious embarrassment. There is no question that trade is now on a much sounder footing. A portion of the reduction may be, and doubtless is, owing to the fact that wool growers have this year rectived a surplus on their drawings on London, and have, therefore, wiped of advances; whereas last year the redrafts from London were heavy, and must have greatly swelled their obligations at a period of the year when advances to that class of customers should have been comparatively light. We find that deposits and circulation at— 30th Jane, 1879, were ... £8,912.678 30th June, 1880 . . 9,343.983 Showing an increase of . . £431,305 The note circulation, however, has decreased by L 50,000. This increase in deposits — for the most part a general one— is noteworthy, more particularly as daring th« period the rates of interest have been reduced. Since our last report bank rates for deposits have be»n again lowered. The probable effect will be to release money now on deposit with banks, for investment in other channels—lbid.